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HomeMy WebLinkAbout1690 f by the buyer a t~ansfer fee equal to one-half of one pe~ce~t af the 9~oss sales price to compe~sate park a+a~agement fo~ record charges, i~spection, decals. etc., together with such additional sums as may be required to satisfy unpaid common expenses. ' i XI1. . ~ E ; INSURANCE PROVISIONS ~ ` A. LIABIIITY lNSURANCE The Board of Directors of the Association shall obtain Public Liability and Property Damage insurance cavering all of the common elements and the Condominium ~ --~nits, and insuring the Association and the unit ow~ers as its and their interest appears, in such amounts as - the Board of Oirectors of the Association may determine from time to time, provided that the minimum amount of coverage shall be $250,000/$500,000/$100,000. Said in- surance shall inciude, but not limit the same, to water damage, legal liability, hired automobile, non-owned automobile a~d off-p~emises employee coverages. All liability insurance shall contain cross-liability en- dorsement to cover liabilities of the unit owners as a g~oup to a unit owner. Premiums fo~ the payment of such insurance shall be paid by the Association and charged as a common expense. B. CASUALTY•INSURANCE 1. Purchase of Insurance. The Association shall obtain Fire and Extended Coverage Insurance and Vandalism and Malicious Mischief Insu~ance insuring all of the in- ; su~able improvements within the Condominium including ~ personal property ow~ed by the Association, in and for the ~ interest of the Association, all unit owners and thei~ ~ mortgagees, as their interests may appear, in a company acceptable to the standards set by the Board of Directors ~ of the Association, in an amount equal to the maximum insurable repiacement value as determined anhually by the Board of Oirectors of the Association; the premiums for such coverage and other expenses in connection with said insurance shall be paid by the Association and charged as a common expense. The company or companies with whom the Association shali place its insurance coverage as provided in this Declaration must be good and responsible companies authorized to do business in the State of Florida. ~ ~ 2. Loss Payable Provisions. All policies purchased ~ by the Association shall be for the benefit of the Associa- ~ tion, all unit owners and their mortgagees, if any, as their ~ interest may appear. ~ ~ ~ ~ ~ ~ . ~ 9 ~ ' ~ ~ . ~ ~ 1 ~ ~ : _ - s~ _ : ~ • - $ ~ ~:~W H~~~-